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India’s jewellery exports to the United Arab Emirates are poised to reach US$10 billion annually with the removal of import duties as stipulated in a new bilateral deal.
Under the India-UAE Comprehensive Economic Partnership Agreement (CEPA), import duties on jewellery exported to the UAE from India will be slashed to zero from 5 per cent. Import into India from the UAE of up to 120 tonnes of gold meanwhile will be levied 1 per cent duty in the first year. The amount of imported gold will increase to 200 tonnes in five years.
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